Kyrgyzstan is working on the introduction of various tools of Islamic finance in the country, Kyrgyz First Deputy Prime Minister Omurbek Babanov said on Wednesday.
"We are currently promoting the principles of Islamic financing based on a memorandum of mutual understanding between Kyrgyzstan and the Islamic Development Bank," Babanov said speaking at the World Islamic Economic Forum (WIEF) in Astana.
The memorandum, he said, also envisages the transformation of Bishkek, the capital of Kyrgyzstan, into the center of Islamic financial services for the whole Central Asian region.
The official also said the country is currently mulling over projects of introducing sukuk (the most used Islamic finance transaction by the Islamic finance institutions around the world) and takaful (Islamic insurance).
Islamic finance is banking activity, which is consistent with the principles of Islamic law (Sharia) and implemented through the development of Islamic economies.
ASTANA, June 8 (RIA Novosti)
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The main event of the third day of the 11th meeting of the Valdai International Discussion Club in Sochi was the closing session with President Vladimir Putin. The atmosphere was calm and open, despite the current political tensions and the Russia-West confrontation. The Russian president said that it corresponded to the spirit of the Valdai Club.